BYD's Executives to Visit India as Modi and Xi Restore Relations
BYD Co. is preparing for a fresh initiative in India, as sources indicate that improving diplomatic relations are facilitating the Chinese electric-vehicle leader's entry into the most populated nation globally.
Following five years of remote operations, the relaxation of bilateral travel restrictions will enable BYD’s India Managing Director Ketsu Zhang to visit the South Asian country in the upcoming months.
The car manufacturer based in Shenzhen has commenced obtaining visas for key managers and engineers, allowing the firm to resume training initiatives, service equipment, and evaluate the condition of its plant in southern India.
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Simultaneously, the globe's biggest EV seller is considering introducing its Atto 2 compact electric SUV in India early next year, positioning it as the manufacturer's most affordable model in the nation and a direct competition to domestic mass-market producers such as Mahindra & Mahindra Ltd. and Tata Motors Ltd.
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India's reinstatement of business visas for Chinese travelers offers BYD a chance to increase its footprint in the nation, a prospect that appeared unattainable just a few months prior due to strained Sino-Indian relations.
The diplomatic warming is anticipated to provide BYD its greatest opportunity to establish a presence in the Indian market following the rejection of its proposal to create a manufacturing facility in the country in 2023.
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BYD intends to set the price of the Atto 2 significantly below the 2 million rupee ($22,690) mark, even with a 70 percent domestic tax on imported vehicles, highlighting the growing rivalry in the mass market sector. Vinfast Auto Ltd. announced last week the launch of its VF6, a compact SUV that is the most affordable model in India, starting at a price of 1.6 million rupees.